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Savings Calculator

Consistent investments over a number or years can be an effective strategy to accumulate wealth. Even small additions to your savings add up over time. This calculator demonstrates how to put this savings strategy to work for you!

 
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Definitions

Starting amount
The starting balance or current amount you have invested or saved.

Additional contributions
The amount that you plan on adding to your savings or investment each period. The investment period options include monthly, quarterly and annually. This calculator assumes that you make your contributions at the beginning of each period.

Years
The total number of years you are planning to save or invest.

Rate of return
The annual rate of return for this investment or savings account. The actual rate of return is largely dependant on the type of investments you select. For example, from January 1970 to February 2003 the average compounded rate of return for the S&P 500, including reinvestment of dividends, was approximately 11%. Savings accounts at a bank pay as little as 2% or less. It is important to remember that future rates of return can’t be predicted with certainty and that investments that pay higher rates of return are subject to higher risk and volitility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment.

Compounding
Earnings on an investment’s earnings, plus previous interest. This calculator allows you to choose the frequency that your investment’s interest or income is added to your account. The more frequently this occurs, the sooner your accumulated earnings will generate additional earnings. For stock and mutual fund investments you should choose ‘Annual’. For savings accounts and CDs all of the options are valid, although you will need to check with your financial institution to find out how often interest is being compounded on your particular investment.

The information provided by this calculator is for illustrative purposes only. Accuracy of the result is not guaranteed, and we are not responsible for any errors, omissions, or misrepresentations. The results obtained from this calculator are hypothetical and may not be applicable to your individual situation. This calculator cannot pre-qualify you for any loan program. In order to qualify for any loan program, an application must be submitted for approval. Additional information, such as credit scores, asset and debt information, property value and other information, will be required, and may not be taken into consideration by this calculator. Interest rates and pricing are only examples, are subject to change at any time and without notice, and may not be available at the time of loan application. Additional fees, such as association dues, may not be included in calculations. The information provided does not constitute investment advice. You should not make investment decisions based on results obtained from this calculator. Investment strategies should be reviewed periodically as financial circumstances change. The results of financial calculators may provide a rough approximation of future financial performance, but may not reflect the actual growth of your own investments. We are not responsible for the consequences of any decisions or actions taken in reliance upon or as a result of the information provided by this calculator. You should consult a financial professional prior to relying on the results of this calculator.